The Saudi oil bombshell

The moment that Saudi production goes into permanent decline, the Petroleum Age as we know it will draw to a close. Oil will still be available on international markets, but not in the abundance to which we have become accustomed and not at a price that many of us will be able to afford. Transportation, and everything it effects – which is to say, virtually the entire world economy – will be much, much more costly. The cost of food will also rise, as modern agriculture relies to an extraordinary extent on petroleum products for tilling, harvesting, pest protection, processing and delivery. Many other products made with petroleum – paints, plastics, lubricants, pharmaceuticals, cosmetics and so forth will also prove far more costly.

Asia Times